India Hasn't Ironed Out Mining Problems

India's red tape has been the bane of local iron-ore miners, but a boon for global iron-ore investors. That might remain the case even after India's top court reversed a ban on mining the stuff in the key southern state of Goa.

On the surface, the reversal seems to be good news for India. It used to be the world's third-largest exporter of iron ore, behind Australia and Brazil, but the Goa ban and other restrictions, in response to allegations of illegal mining, squeezed exports last year to one-seventh of their peak in...